[Adopted 9-29-1982 as Ord.
No. 1067]
This municipality shall join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act by becoming a settlor
of the Pennsylvania Local Government Investment Trust (the Trust) and entering
into the Declaration of Trust, which is adopted by reference with the same
effect as if it had been set out verbatim in this section and a copy of which
shall be filed with the minutes of the meeting at which this ordinance was
adopted.
This municipality is authorized to purchase shares in the
Trust from time to time with available municipal funds and to redeem some
or all of those shares from time to time as funds are needed for municipal
purposes. These actions are to be taken by the officers designated for this
purpose, pursuant to general or specific instructions by the governing body
adopting this ordinance.
The Trustees of the Trust are designated as having official custody
of this municipality's funds which are invested by the purchase of shares
in the Trust.
As required by the Intergovernmental Cooperation Act, the following
matters are specifically found and determined:
A. The conditions of the agreement are set forth in the Declaration of Trust referred to in §
69-1.
B. This municipality's participation in the Trust shall
be terminable at any time by ordinance.
C. The Declaration of Trust and the purchase of its shares
are for the purpose of investing this municipality's funds in obligations
which are otherwise legal investments as part of a pooled arrangement with
other governmental units, thereby achieving economic and other advantages
of pooled investments.
D. It is not necessary to finance the agreement authorized
herein from municipal funds except through the purchase of shares in the Trust.
E. The Trust shall be managed by a Board of Trustees as
set forth in the Declaration of Trust and the bylaws provided for therein.
F. Shares may be purchased and redeemed from time to time
as this municipality may determine to be necessary or appropriate to meet
its cash investment requirements.
This ordinance shall become effective at the earliest date permitted
by law.